Setoff Claim definition

Setoff Claim means a Claim of a holder that has a valid right of setoff with respect to such Claim, which right is enforceable under section 553 of the Bankruptcy Code as determined by a Final Order or as otherwise agreed in writing by any Debtor, to the extent of the amount subject to such right of setoff.
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Setoff Claim means any Secured Claim secured by a right to offset a mutual debt owing by such creditor to the Debtors that arose before the Commencement Date against the claim of such creditor against the Debtors that arose before the Commencement Date.
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Setoff Claim means a Claim against the Debtor by a Creditor that has a valid right of setoff with respect to such Claim, which right is enforceable under Section 553 of the Bankruptcy Code as determined by a Final Order or as otherwise agreed to in writing by the Debtor with consent of the Committee, to the extent of the amount subject to such right of setoff.
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Examples of Setoff Claim in a sentence

  • If the Seller has any dispute with the Set-off Claim, it shall deliver to the Buyer written notice within ten (10) business days of receipt of the Set-off Claim a description in reasonable detail of the nature of the dispute (the “Set-off Claim Dispute Notice”).

  • Any Set-off Response must specify whether the Member disputes all or any portion of the Set-off Claim described in the Set-off Notice, describing in reasonable detail the reasons for such dispute and indicate the amount of Losses or other amounts the Member is disputing.

  • If the Member fails to deliver a Set-off Response within the Set-off Response Period, the Member will be deemed not to dispute the Set-off Claim described in the related Set-off Notice, and Buyer shall be entitled to set-off and deduct from the Buyer Note the amount of such Losses to the maximum extent permitted by this Article VII (including, without limitation, the limitations described herein).

  • For the purposes of this Clause, a Set-off Claim is to be regarded as Settled whether or not it is ʺSettled in Fullʺ, and accordingly may be Settled more than once.

  • Within ten (10) business days of the receipt of the Set-off Claim Dispute Notice, the Seller and the Buyer shall meet at a mutually agreeable time and place and attempt in good faith to resolve the Set-off Claim.

  • Notwithstanding the foregoing, if Seller objects in part to the amount of the Set-off Claim, the amount due to Seller under the Note shall, after the lapse of the ten (10) Business Day period, be reduced by an amount equal to the portion of the Set-off Claim not objected to by Seller.

  • On the eighteen (18) month anniversary of the Closing, Buyer agrees to deliver to Seller by wire transfer of immediately available funds, in accordance with wire instructions delivered by Seller to Buyer at least three (3) Business Days prior thereto, the Holdback Amount less (i) any unresolved Disputed Amounts and (ii) any Set-off Claim Amount for which a Set-off Claim Notice has been given to Seller as provided above and which Seller and Buyer have agreed may be set-off.

  • A Set-off Notice shall, to the extent feasible, describe the Set-off Claim, and indicate the amount of the Losses that have been suffered by the Buyer Indemnified Party.

  • In full settlement of the PMS Claim and ▇▇▇▇▇▇▇’▇ Setoff Claim, and as of the Effective Date, PMS shall have an allowed unsecured nonpriority claim in the amount of $1,250,000 (the “Allowed Claim”).

  • Notwithstanding the foregoing, if Buyer wishes to set-off any amount to which a Buyer Indemnified Person may be entitled to indemnification under this Article X against the Holdback Amount and Seller notifies Buyer within twenty (20) Business Days of receiving the Set-off Claim Notice that Seller disputes such claim, the amount disputed (the “Disputed Amount”) will be placed in escrow by the Buyer with an independent third party acceptable to Buyer and Seller until such dispute is resolved.


More Definitions of Setoff Claim

Setoff Claim has the meaning set forth in Section 7.6(a)(i).
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Setoff Claim means a Claim of a Holder that has a valid right of setoff with respect to such Claim, which right is enforceable under section 553 of the Bankruptcy Code as
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Setoff Claim means a Claim held by a Creditor who has asserted before the Confirmation Date a right of setoff that is valid and enforceable under Section 553 of the Bankruptcy Code for the amount of such Claim, and such setoff right has been determined by a Final Order of the Bankruptcy Court or as otherwise agreed between the Debtors and the holder of such Claim.
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Setoff Claim has the meaning set forth in Section 5.4(c).
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Related to Setoff Claim

  • AWR Claim means any complaint or claim to a tribunal or court made by or on behalf of the Agency Worker against the Hirer and/or the Employment Business for any breach of the AWR;

  • IPR Claim means any claim of infringement or alleged infringement (including the defence of such infringement or alleged infringement) of any IPR, used to provide the Services or as otherwise provided and/or licensed by the Supplier (or to which the Supplier has provided access) to the Authority in the fulfilment of its obligations under this Framework Agreement;

  • Secured Claim means a Claim: (a) secured by a valid, perfected, and enforceable Lien on collateral to the extent of the value of such collateral, as determined in accordance with section 506(a) of the Bankruptcy Code or (b) subject to a valid right of setoff pursuant to section 553 of the Bankruptcy Code.

  • Contested Claim means any Tax, Indebtedness or other claim or liability (i) the validity or amount of which is being diligently contested in good faith, (ii) for which adequate reserve, or other appropriate provision, if any, as required in conformity with GAAP shall have been made, and (iii) with respect to which any right to execute upon or sell any assets of the Company or of any of its Subsidiaries has not matured or has been and continues to be effectively enjoined, superseded or stayed.

  • Indemnity Claim has the meaning set forth in Section 8.3.